A macro in Stata is comprised of a name and contents. When a properly punctuated macro name appears in a command or script, its contents are expanded and replace the macro name.
Macros in Stata can be distinguished in two flavours: global and local. Both are defined with the commands of the same name. The contents of the former can be expanded anywhere. In contrast, the latter are only available within a program or script where they were defined.
The chapter Macro definition and manipulation in the manual offers more detailed information.
For questions involving the use of macros in the context of Stata, please use the stata-macros tag in addition to the main stata tag.