1:12 scale is 1 inch = 1 foot. WAY too big for wargames minis (a human figure would be, as Steve says, 5-6" tall).
If the teddy bear figures are meant to be toys come alive in a real house, it may not be too bad, but remember this stuff is BIG, so it carries an equally big price tag.
1:48 scale is also used for dolls houses, but it's often referred to- confusingly- as 1/4 scale (since it's 1/4 the size of the common 1:12). A lot of the other scales are also referred to relative to 1:12, rather than real life.