How did Federalists and Jeffersonians differ in their political principles? In the kind of economy they wished to have?

The Federalists were for a diversified economy with a tilt towards manufacturing.  Hamilton really wanted manufacturing so the US could be more independent of other countries.  This went along with the fact that they were willing to tolerate hierarchy (rich factory owners and poorer workers).  They also wanted a strong central government that was relatively less democratic than what the Jeffersonians wanted.

Jefferson wanted a nation of small farmers.  Such people would be equal to one another in every way so there would be no hierarchy.  To go along with this, he wanted a weak central government with strong state governments that were closely controlled by the people.