Definitions of Liberal and Conservative

I hear these terms tossed around loosely these days. This led to me starting this topic, in order to ask everyone to come to a consensus and define what a liberal is and what a conservative is.It has been my understanding that conservatives are for smaller government, free enterprise and a free market economy.
Liberals tend to believe in social welfare, a larger government that cares for all of the people rather than simply the businessmen, and addressing the concerns of the needy.Can anyone help clarify, correct, and add to my positions?

I am a bit angry that my post got off topic almost immediately. If I were still an administrator at EvC there would be some heads rolling, lemme tell ya.Anyway... Based on your definition, I suppose that I am more conservative than liberal. I see no problem with paying a toll in order to bypass the masses. Poor folks fly coach.

Perhaps I should clarify my beliefs, if only for my own understanding! I believe that every human deserves basic health care. I also believe that its no crime to be able to pay extra for upgraded service. My insurance at work covers $300.00 for vision benefits. These basically include a checkup and a pair of glasses. They don't cover Lasik.
Thus, if I wanted to have laser surgery, I would have to pay out of pocket for it. Seems fair enough.Getting back to liberal and conservative, (how did we ever get away from the issue?) I tend to support a liberal base..(universal health care and social security) but I am not opposed to having the option available for a man to go to a private physician, should he so be able to afford. (Why is that even an issue?)