“look upon with favor.” In this context, “look” has the sense of “look upon with favor.”
“humble.” The same Hebrew word is translated “poor” in versions such as the KJV, and it can indeed refer to people who are physically poor and/or afflicted. But the Hebrew word can refer to “poor” or “humble,” and here “humble” is the better translation (cp. Matt. 5:3).
“contrite.” In English, the word “contrite” means “showing sorrow or remorse for a sin.”a The Hebrew word means to be struck or beaten, and then in some contexts, the meaning is extended to “bruised,” “wounded,” “ruined,” or “destroyed.” Honest, humble people have a “contrite spirit,” that is, a contrite attitude toward God because they know that no matter how hard they try, they often sin or fall short of what they know they should do. Jesus taught us, “Blessed are the poor (humble) in spirit (attitude)” (Matt. 5:3).