The two major markets in the circular flow of income and expenditure are the: [1] foreign exchange market and factor market.
[2] goods market and factor market.
[3] goods market and services market.
[4] factor market and production market.

[2] goods market and factor market.

Explanation:

The circular flow of income shows how exchange of money, goods and services occur in an economy.

the two flow circular income model consists of an household and a firm.

The household buys factors of production from the household in exchange for money (firms buys from the factor market). In return, households receive payment.

households then go to the goods market to purchase goods and services.

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