Final answer:
Factors determining a nation's trade share relative to GDP include the size of the economy, geographic location, and the availability of natural resources, with significant variance based on these aspects.
Step-by-step explanation:
In assessing the relative share of trade to Gross Domestic Product (GDP) for a nation, there are three critical factors to consider that may cause this ratio to be higher or lower. These factors are: the size of the economy, geographic location, and the availability of natural resources.
The size of the economy often influences a nation's trade activity in relation to its GDP. Smaller economies tend to trade more because they cannot produce all the goods and services they need, while larger economies may be more self-sufficient and trade less.
Geographic location plays a significant role in a nation's trade ratio. Countries with access to navigable waterways, ports, and trade routes tend to have higher trade relative to their GDP due to the ease and cost-effectiveness with which they can engage in international transactions.
The availability of significant natural resources, particularly exports like oil, can substantially impact a nation's trade-to-GDP ratio. Regions rich in resources, such as North Africa, Southwest Asia, and Turkestan, often have higher trade shares due to their export activities related to these assets.