aufwärts
upward
Describes a movement or direction from a lower point to a higher point.
Wir stiegen den steilen Pfad langsam aufwärts.
We slowly climbed upward along the steep path.

upward
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upward
Describes a movement or direction from a lower point to a higher point.
Wir stiegen den steilen Pfad langsam aufwärts.
We slowly climbed upward along the steep path.

The word consists of 'auf' (up) and the directional suffix '-wärts'. You find this suffix in many directional adverbs such as 'abwärts' (downward), 'vorwärts' (forward), or 'rückwärts' (backward).
Der Ballon stieg langsam aufwärts in den Himmel.
The balloon slowly rose upward into the sky.
You can almost always recognize the figurative meaning from the fixed expression 'es geht aufwärts' (things are improving). If, on the other hand, it refers to concrete movement, it is often combined with verbs such as 'gehen' (to go), 'steigen' (to climb/rise), or 'fahren' (to drive/travel).
Wir müssen den Berg noch zwei Kilometer aufwärts gehen.
We still have to walk two kilometers upward on the mountain.
To express a positive development, the impersonal expression 'es geht aufwärts' (things are improving) is almost always used. You can also say what is improving by adding 'mit' + dative.
Nach langer Krankheit geht es mit ihm endlich wieder aufwärts.
After a long illness, he is finally improving again.
high
'hoch' and 'aufwärts' can both express an upward direction. 'hoch' usually describes a quality, for example a tall wall, a high price, or a high number. 'aufwärts' is more likely to describe a direction or development: something goes from bottom to top or gets better. That is why 'aufwärts' works well with paths, movements, and also positive developments. The words can be confused because both have to do with a higher level. 'hoch' tends to say where or how something is; 'aufwärts' tends to say which direction it is going.

Nach dem schwierigen Winter geht es mit dem kleinen Laden wieder aufwärts.
After the difficult winter, things are improving again for the small shop.
Die Miete in dieser Stadt ist sehr hoch.
The rent in this city is very high.