I forget where I've heard this but a specific but simple way of defining these two labels was shown to me.

The idea behind "conservative" comes from being frugal with government power. Analogous to how a supermodel would be "conservative" with their carbohydrate intake.

With "liberal," it's about being OK or promoting government influence.

However, with a shift in perspective, things could be turned on their heads, turning conservatives into librals and liberals into conservative.

Those who are conservative in the government sense tend to be liberal on the corporate/enterprise front, often being the ones to promote the "free market."

Those who are liberal in the government sense tend to be conservative on the corporate/enterprise front, often being the ones to push for the regulation of business, especially big business.

So what is the common thread between these two? Well, those who are conservative in one way can be seen as liberal in another and vise-versa. On other words, both sides wish to regulate one form of power in favor of another one.

It might seem simplistic at a glance but just think about it.