What term describes a steady, long-term increase in real GDP?

The term that describes a steady, long-term increase in real GDP is economic growth. Economic growth refers to the increase in the production of goods and services in an economy over time, which is often measured by the change in real GDP—the value of all finished goods and services produced within a country's borders, adjusted for inflation. This sustained growth is crucial for improving living standards, increasing employment opportunities, and enhancing overall well-being in an economy.

The other terms presented do not accurately encompass this concept. Market power refers to the ability of a company or entity to influence the price of goods and services, typically in situations where competition is limited. Redistributing income involves altering how income is shared among the population, typically through taxation and social programs, rather than reflecting growth in economic output. Private property rights are the legal rights individuals have to control and use their possessions, which can affect economic incentives but do not directly define the trend of GDP over time. Thus, economic growth is the most appropriate and accurate term for a long-term increase in real GDP.