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 consistent and sustained increase in a country's output of goods and services over time. It is typically measured by the rise in real GDP, which adjusts for inflation and provides a more accurate representation of an economy's health and productivity.

Economic growth is important because it indicates that an economy is expanding and can lead to higher living standards, increased employment opportunities, and greater prosperity for individuals within that economy. Factors that contribute to economic growth include increases in capital stock, advancements in technology, improvements in productivity, and a growing labor force.

The other options involve different concepts. Market power refers to the ability of a firm to influence market prices, which is unrelated to GDP growth. The redistribution of income involves shifting money from one group to another, often for the purpose of reducing inequality, rather than indicating overall economic performance. Private property rights are crucial for market efficiency and incentivizing investment but do not directly define the concept of GDP growth. Thus, economic growth is the appropriate term for describing a consistent increase in real GDP over the long term.