I’ve always made it a point to read the quote every time I click on a page here (and that’s quite a lot). The quotes are such a nice touch to the site.

!. Free and voluntary exchange of goods and services.
2. Market freedom for success and failure. Especially failure, otherwise poor performance is rewarded (any gov bailout). Competition, survival of the most efficient and relevant.
3. No central banking. 100% reserve banking, preferably backed by gold. Finite money supply.
4. Decentralized control, decentralized execution. I.e. power to the people, not a privileged few.
5. It takes time to produce and sell products.
6. You have no right to interfere (through force or threat of force) with my life, liberty, or my property (murder, jail, theft/taxes).

It’s not a simple definition such as what is coffee. But try to define coffee to someone who has no concept of coffee. Not even tea. Gets tricky. Part of the problem is there are a lot of people who have their own agenda and play semantics with words and definitions, as well as an extremely passive voice in writing and speaking (Krugman, Keynes, Ellsworth Toohey) to obfuscate issues. And those that will come to the defense of Austrian Economics and libertarian ideas are going to be precise and thorough in their explanation to remove those obfuscations.

Hope it helps.