Some questions

[WZ]

Please explain:
1. What is the noun for "modern"?

2. And what's the difference between "character" and "characteristic"?
Which should I use: "the character/characteristic of the contest"?

3. Which phrase is correct and natural:
- economic model
- business model
- economic paradigm
- business paradigm

[Pete]

Please explain:
1. What is the noun for "modern"?
- modernity = "the state of being modern"
> http://www.onelook.com/?w=modernity&ls=a

2. And what's the difference between "character" and "characteristic"?
Which should I use: "the character/characteristic of the contest"?
From > http://dictionary.cambridge.org :
character = "the particular combination of qualities in a person or place [or other thing - Pete] that makes them different from others"
characteristic = "a typical or noticeable quality of someone or something"

In your example, used with "the" (which implies a single item), I'd say "character" fits best. With "a", I'd choose "characteristic". The plural form, "the/some/… characteristics" also would fit.

3. Which phrase is correct and natural:
- economic model
- business model
- economic paradigm
- business paradigm
All of these sound possible to me, but the meanings would be different. Could you tell us exactly what you are trying to say? (I'll admit I don't often find myself in a context where the word "paradigm" pops to mind as the word of choice.)

[WZ]

Hi, Pete.
Thanks for your answer.
What I wanted to say was "This business model has great potiential". Is it OK?

[Pete]

Hi, Pete.
Thanks for your answer.
What I wanted to say was "This business model has great potiential". Is it OK?
Yes. This sounds natural and correct.

(It refers to the basic plan a business has for making money.)

(But note the spelling of "potential".)