Which condition is characterized by wear and tear on joints, commonly affecting hips and knees?

Osteoarthritis is the condition that specifically refers to the degeneration of joint cartilage and the underlying bone, most commonly affecting the hips and knees. This condition occurs as a result of wear and tear over time, leading to pain, stiffness, and functional limitations in the affected joints. It is the most prevalent form of arthritis and is often associated with aging, but can also arise from previous joint injuries or obesity.

While "arthritis" is a broader term that includes various types of joint inflammation, it does not pinpoint the specific wear and tear characteristic of osteoarthritis. Circumduction is a movement of limbs rather than a condition affecting joints, and ganglion refers to a cyst that can form on joints or tendons, which is not directly related to the wear and tear process of arthritis. Thus, osteoarthritis is the most accurate descriptor for the wear and tear condition affecting the joints mentioned in the question.