Federalism: This term refers to the division of power between federal and state governments. It played a role in shaping the U.S.'s early economic policy as Jefferson favored more power for states, while Hamilton supported a stronger federal government.
National Bank: A national bank was an institution created by Hamilton as part of his economic plan. It served as a central repository for funds, issued currency, and provided loans. Jefferson opposed its establishment.
Tariffs: Tariffs are taxes imposed on imported goods. They were an important aspect of early economic policy debates, with Hamilton advocating for protective tariffs to promote domestic industries, while Jefferson argued against them in favor of free trade.