Final answer:
Historically, over half of Nova Scotia's population earned their living through fishing and maritime trade, which has been a cornerstone of the region's economy despite recent declines due to overfishing.
Step-by-step explanation:
Over half of Nova Scotia made their living by fishing and maritime trade. The historical context of Nova Scotia's economy reveals that fishing and other sea-oriented businesses have been vital for this region.
The Maritime Provinces, including Nova Scotia, have a strong connection to the sea with traditional livelihoods based around this industry. Even though there has been a decline in the fishing economy due to overfishing, it still remains a significant part of Nova Scotia's economic history.
Additionally, tourism has been increasing as a source of revenue for the Maritime Provinces, particularly in Prince Edward Island. In the broader context of the Canadian economy, primary industries, such as agriculture, fishing, mining, energy, and forestry have been foundational, although the country is moving towards a more knowledge-based economy.