Step 1: Set up the integral.
The area can be calculated by integrating \( |x| \) from \( -\frac{1}{2} \) to \( \frac{1}{2} \).
Step 2: Conclusion.
Thus, the area bounded by the given curves is \( \frac{5}{4} \).
Final Answer:
\[
\boxed{\frac{5}{4}}
\]