"The set of all the subsets of a set"
Basically we collect all possible subsets of a set.
Example: For the set {a,b,c}:
• The empty set {} is a subset of {a,b,c}
• And these are subsets: {a}, {b} and {c}
• And these are subsets: {a,b}, {a,c} and {b,c}
• And {a,b,c} is actually a subset of {a,b,c} too
And altogether they make the Power Set:
P(S) = { {}, {a}, {b}, {c}, {a,b}, {a,c}, {b,c}, {a,b,c} }
Which is (yay!) the set of all the subsets of {a,b,c}