With respect to politics, the terms “left” and “right” have been in modern circulation since the French Revolution. Depending who is using them, the terms have traditionally been a cheap and easy way to describe the two sides in the conflicts between individualism and collectivism, liberty and authoritarianism, or conservatism and liberalism, bearing in mind that both sides exist on a spectrum.
That spectrum means terms like “far-right” and “far-left” had to be coined to designate the extremes of each position.