I installed the flag module. Created two flag entities node(for node pages) and term(for taxonomy term pages). Created 2 different views with block display. The requirement is to display latest 10 favorites. As of now i am showing the term view in header of node view and limited both to show latest 5 favorites(5 from each). But this will not fulfill my requirement. I need to merge these two views results to a single one and to show the latest 10 favorites from both. Is there any way to do it.
May be this can help you.
You can use https://www.drupal.org/project/views_field_view module to embed view in another view as a field.
Or You can create a custom block and merge both views. To get the views in your custom code you can use views_embed_view() or module_invoke();
check for more information https://www.drupal.org/node/1034524 https://api.drupal.org/api/views/views.module/function/views_embed_view/7