When one opens an Excel document D:\db\tmp\test1.xlsm:
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CurDir() returns C:\Users\[username]\Documents
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ActiveWorkbook.Path returns D:\db\tmp
So CurDir() has a system default and can be changed.
ActiveWorkbook.Path does not change for the same saved Workbook.
For example, CurDir() changes when you do "File/Save As" command, and select a random directory in the File/Directory selection dialog. Then click on Cancel to skip saving. But CurDir() has already changed to the last selected directory.
[ADD]
Resume VBA for different applications
Access D:\db\tmp\test1.accdb, like duckboy81 commented:
Excel D:\db\tmp\test1.xlsm:
CurDir() => C:\Users[username]\Documents
ActiveWorkbook.Path => D:\db\tmp
Application.DefaultFilePath => C:\Users[username]\Documents
Outlook:
PowerPoint D:\db\tmp\test1.ppt:
Word D:\db\tmp\test1.docx:
CurDir() => C:\Users[username]\Documents
Application.ActiveDocument.Path => D:\db\tmp
Application.ActiveDocument.FullName => D:\db\tmp\test1.docx
Application.StartupPath => C:\users[username]\appdata\roaming\microsoft\word\startup