What were the first two political parties and what did they believe

The Federalist Party and Democratic-Republican Party. The Federalists wanted a strong, powerful, government with control over fiscal issues. The Democratic-Republicans favored a Constitutional government with very limited power. The Democratic-Republicans were mainly known as Democrats or Republicans, and their members were referred to as Anti-Federalists. The term Democratic-Republicans is mostly for historical reference. They split in 1824, one part became the modern Democratic Party, although had nothing in common with today's Democrats.

Federalists and Anti-Federalists. To remember what they believed you can remember this: Federalists were for the Constitution, Anti-Federalists were against it.