Q:

Am I making a good camera/lens purchasing decision?

I'm about to purchase:
Canon T2i with included EF-S 18-55mm f/3.5-5.6 IS Lens 
Canon Canon EF 50mm f/1.8 II Camera Lens 
This is for photography 2D artwork of different media and I've made this decision based on feedback from here
Is Canon T2i and kit lens good for shooting (2D) artwork? 
and here
macro lens for artwork with the T2i
My only concern is that Canon doesn't call the EF 50MM a "macro", but it is isn't it? It's also $300 cheaper than their EF-S 60mm f/2.8 macro which has been recommended. 
I just got to confirm the lens and I'm set. What do you think? Or any other comments before I purchase?
UPDATE. I went ahead and made the purchase but without the Macro Lens. It looks like the Compact Macro may be the one for me, though I want to fully understand all the answers and feedback before I decide. But so far I understand that this lens does give true 1/1 but is not necessarily great for 'macro', which should be fine for me. 
There is so much information and so much to learn about photography that I notice more than one entire 3rd party book devoted to the T2i alone. In this situation I do not have the adequate time to fully master everything I'd like too before I start photographing the work. I'll need to set up lighting and the entire studio, and I'll only have a couple days to experiment before I get to work. I appreciate the head start I've been given here. No doubt I'll be learning as I go. Thanks for everyone's help. 

A:

The Canon EF 50mm f/1.8 II lens is NOT a macro lens.

A:

For your purpose, you do not actually want a macro for its macro capabilities, but because it has very minimal distortion and a very flat field of focus. The 60mm macro qualifies, as does the 50mm f/2.5 "Compact Macro", but not necessarily the 50mm f/1.8. The 50 2.5 CM's lack of true-macro 1:1 magnification is not relevant in your case but its good flat-field and distortion features are.

A:

It's not macro because the best magnification is 1:2. So items that are 1 inch in size, take up 1/2 an inch on the file (sensor).
By definition, macro starts at 1:1 magnification. 
Most people get confused because many point and shoots have a "macro" feature, which actually only allows a closer focusing, but not actual true macro magnification.
THe EF-S 60mm f2.8 is a "true" macro lens, with a 1:1 magnification ratio. It is roughly the equivalent of the EF 100 F2.8 macro lens, but for APC-S cameras.

