In PVP 3 we changed some of the terminology to better suit the new workflow. Specifically, the "Macros" feature of PVP 2 has transitioned to a "Cue" based system in PVP 3.

In PVP 3 we start with Actions, which are individual actions that can be performed inside of the program (such as firing a piece of media, setting the Mask on the Master Layer, or Clearing the media from a specific Layer, just to name a few examples).

A Cue is a container that contains one or more Actions. So a Cue might only do one thing (most often fire a piece of Media), however it might instead do many things with just one click.

For more information about Cues and Actions you might read the User Guide, specifically page 17 for the terminology differences and pages 54 and following for a more practical application.