Liberalism is a political philosophy-ideology favouring centrist-laissez-faire economics, willing to comprimise a bit. Additionally,
liberalism advocates for the invidualist freedoms, including democratic rights. They support a democracy. Liberals are also advocate of
separation of church and state, open-disscusion,
Social Progressivism and centrism.
Example:
Liberalism has it's own
radicalized variations, not
centristic. One such radicalized variation is Libertarianism. In the US, people confuse liberals with Social democrats, democratic socialists, and anyone not a conservative. Liberals, however, differ from Social democrats in not supporting too many
government funded programs, being more to the right. They are, although, willing to make comprimises with them and conservatives.