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Event macros are macros that are fired automatically when certain "events" happen - such as when the user makes an entry in a cell or a print command is given. There's a great explanation at Chip Pearson's site.
An important thing to remember is that Worksheet Event Macros must go in their respective worksheet code modules (by default labeled Sheet1, Sheet2, etc). Likewise Workbook Event Macros must go in the ThisWorkbook code module. Placing them in a normal code module will render them impotent.
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Also check out:
David McRitchie's Worksheet Events and Workbook Events
Microsoft's Working with events