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circumscribed means the polygon is drawn around a circle, and inscribed means the polygon is drawn inside the circle. See related links below for polygon circumscribed about a circle and polygon inscribed in a circle.
Finding the perimeter of a polygon is finding how far it is in total along all the edges of the polygon; whereas finding the area of a polygon is finding how much space the polygon covers. The perimeter of a polygon forms the boundary around the area of the polygon.
It is the area of a polygon.
The area of a four-sided polygon is base times height.
For example, you can divide the polygon into triangles, and calculate the area of each triangle.