The Location

The arctic is near the north pole. Some of the countries around it are: the U.S. (Alaska), Canada, Greenland, Iceland and some other islands surround it.

The Size

The Arctic Ocean is the smallest  ocean in the world. It's size is about 14 million sq km (about 5.4 million sq mi).
 
The North Pole

Some people believe that Santa Claus lives at the North Pole.  When I was small, I thought the North Pole was a big candy cane pole.  Now I know that it's not really a pole, but that it's called a pole because it's the top of the world.  It is the place where all of the lines of longitude meet.