I usually use the words 'reduce, re-use and re-cycle' meaning that I would first not buy something which would become unnecessary waste, re-use for the same purpose as originally intended (a book is a good example of re-use), and re-cycle meaning that it will go to the processing center to be made over into something else (office paper becomes toilet paper and aluminum cans become car engine parts).
Thanks to Rick Corey who is the master of re-purposing, I have learned to look at things to see for what other purpose they can be utilized. A new craft stick can be used as a plant maker, a piece of rebar can be a tree stake. Not the original intended purpose, but it works.
I am still working on 'up-cycling' but it is slow going...feels like I am riding a bicycle up a steep hill.
I have taken old clothing and used the fabric to sew 'designer' bags which sold for a higher dollar amount than the original clothing. So I guess that's what up-cycling is. Up-cycling sounds like a win/win as it keeps things out of the landfill for a longer time period AND puts money in one's pocket...to buy more plants!