Final answer:
Increasing economic development can be achieved by enhancing human capital, expanding physical capital, adopting supportive government policies, fostering technological innovation, and improving infrastructure.
Step-by-step explanation:
- One way to increase economic development is through improving human capital, which includes educating the workforce and investing in health to enhance productivity. Additionally, updating and expanding physical capital such as infrastructure, and encouraging technological advancements are also critical for growth. A market-oriented economy that incorporates supportive government policies can help foster these developments. Low-income countries, in particular, can benefit from policies that create a stable macroeconomic and political environment, which can attract foreign aid and investment necessary for development.
- Meanwhile, middle-income countries may focus on increasing human capital and becoming more technologically connected, and high-income countries seek to maintain their economies through innovation and technological leadership.