The most important element of "The Monkey's Paw" is the charm itself. The monkey's paw is the reason the story exists. Without the charm, the story would not have taken place at all. That being said, the paw not only speaks to the plot of the story, it also speaks to the themes of the story (fate/chance and the human condition).
In regards to the first theme (fate and chance), the monkey's paw symbolizes the problems which may exist if one "messes with" fate through taking chances (like believing in charms). The other theme, the human condition, is important in regards to the monkey's paw as well. The hope that the family has in the paw's ability to grant wishes speaks to the trust and distrust the paw brings for different characters.
The most important element in the movie the monkey's paw is its background music. Without the music, the movie would not have its horror or its mystery...
According to me the main element of this story is the monkes's paw itself.The story revolves aroud the paw.sergant morrise, the whites and even the owner befor have suffered grately due to this tailsman.the very own theam of the story that the destiny of a man is aldready formed and if we try to fidgit with it we may fall into trouble is brought out with the mokey's paw and the majic spell on it.
I would say the most important element of the story is the paw, after all the story wouldn't exist without it. The setting is extremely imortant too, it brings about this scary feeling inside you. The paw's history should also be carefully noted because it doesnt seem to be and amazing end to the previous owners.