Final answer:
Canada's government controls and supports its economy through laws and regulations influencing various sectors, from natural resources to knowledge-based industries. The move towards innovation and a service-oriented economy is balanced with historical trade protection measures. Debates over government intervention in the economy relate to the extent of regulation needed to protect workers and the public while fostering economic growth.
Step-by-step explanation:
Canada has a variety of economic laws and regulations to control and support its economy. As an interconnected economy with the United States, Canada’s economic well-being is influenced by its relationship with the U.S., especially considering their significant trade partnership. Historical measures, such as the National Policy which imposed import taxes, have been used to protect Canadian industries.
Canada's move towards a knowledge-based economy emphasizes the role of innovation and technology, with industries like biotechnology and information technology becoming increasingly significant. Despite this, natural resources such as agriculture, fishing, mining, energy, and forestry remain foundational to Canada's GDP, even as the service sector now plays a dominant role in providing employment and generating over 60 percent of the GDP.
Governments at various levels create laws impacting the economy, from environmental regulations to banking laws. These laws serve to maintain order, ensure the fair operation of the marketplace, and safeguard societal interests. Debates continue over the degree of government intervention, with arguments for both the protection of workers and the general well-being of the population against views that criticize such involvement as leading towards a state-run economy.