Macro is used for taking a picture of a macroscopic object. Here's an example. I used a macro lens to capture the detail in the wood. On point and shoot, it is more software related, but tells the camera that the object photographed will be very close to the lens and focusing needs to be precise.
ISO refers to the speed of the picture. It is true that a higher ISO has much more noise in the final product, therefore reducing the quality of the final image. But a high ISO also allows for better pictures taken in low light situations (along with the proper aperture settings and shutter speed).