Trying to use minted package and getting error "Package minted Error: You must invoke LaTeX with the -shell-escape flag."

Question

I am using Windows 8.1, MiKTeX 2.9, TeXstudio. Everything including packages are fully updated.

I am trying to compile this:

\documentclass{article}

\usepackage{minted}

\begin{document}


\end{document}

And getting this error:

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Question: What to do?

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