Which one of the following statements is incorrect?
1 There three major flows in the economy are total production, total income and total spending
2 There are two sets of markets in a simple economy goods markets and factor markets
3 In the simple circular flow of economic activity, real flows of goods and production factors and financial flows move in opposite directions
4 Firms are buyers in goods markets and sellers in factor markets, while households are buyers in factor markets and sellers in goods markets
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Name two sets of markets in a simple economy
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