1.
relative merit, superiority/inferiority, ranking difference
The difference in quality or rank between two things; used to discuss whether one is better than another.
2.
Party A and Party B (in contracts)
Designations for the two parties in a contract or agreement.
甲乙 has two distinct uses: comparing merit and contract designations.
Etymology
甲 and 乙 are the first two of the ten Heavenly Stems (十干) from ancient Chinese ordinal systems.
Common expressions
甲乙つけがたい: hard to rank, equally good/bad