What is the difference between politics and economics?

Answer 1

Politics is all about the distribution of authority in society. Politics can involve both state and non-state actors (e.g.) churches, clubs, organisations) and, in these groups, people use politics as the means to make social decisions. These social decisions often reflect values, relations, or means people have available to them.

Economics, on the other side, is the social study of the allocation of scarce resources, going from buying a good in a supermarket in a way that our happiness level is going to be at its top (i.e buying ice cream instead of chocolates, because we want ice cream more), to creating policies to increase the amount of food delivered to poor communities (this is done by the government)

In sum, both deal with the distribution of a system in society, but politics centres on authority between parts of it whereas economics deals with resources. Often, the two can overlap, especially where the allocation of resources depends on the relations of individuals or vice-versa.

Answer 2

Regardless of the type of government, Politics and Economics have a 'chicken & egg' relationship. While politics sets the rules and laws that enable economics to succeed, business (economics) tells the politicians what works, what doesn't work, and what they want to maintain profitability.