This vintage  figurine by  is the Joy Elf decoration. It features an elf in a red sweater, blue pants, and green shoes and hat relaxing on top of some peppermint stick letters that spell out "Joy."

The Merry Miniatures keepsake collectibles are meant to sit on a shelf rather than hang on a tree, so there's no ornament attachment.

The figurine shows a little wear, but is otherwise in nice vintage condition.

The back is marked "1989 Hmk Cds." and the bottom still has the original gold foil sticker with the price.

Measurements:

Height: 1 3/8 inch (3.5 cm)
Length: 1 1/8 inches (2.9 cm)
Width: 5/8 inch (1.6 cm)