Final answer:
Improvements are typically referred to as betterments, which signifies enhancements to assets leading to increased efficiency or value. Although substitution can be related to improvements, betterment is the term that aligns more closely with the idea of upgrading assets or technology.
Step-by-step explanation:
Improvements are often referred to as betterments. This term is applied when upgrades or enhancements are made to assets, which can lead to increased efficiency or value. For instance, in the context of technological advancements, every leap forward, such as the transition from incandescent bulbs to LEDs, represents a betterment. Substitution, as defined, is the ability to switch resources when one becomes scarce or a better alternative is found. However, in terms of improvements such as those to assets or technology, betterment is the term that more commonly captures this idea of enhancement or upgrading.
Moreover, improvements in technology bring about a scenario where the same inputs can yield more output, which aligns with the concept of capital deepening. Capital deepening involves increasing the amount of capital per worker, which often comes about due to technological improvements. For those financially secured, the notion of substitution and betterment is frequently encountered as they are able to consistently upgrade their assets, embodying the practice of continual improvement or betterment.