Final answer:
The concept referred to is personal liberty, which grants individuals the ability to make personal decisions without unnecessary government intervention. It is understood within the framework of public trust and the expectation that people will not exercise liberty to the extent of license, which is an excessive use of freedom detrimental to others.
Step-by-step explanation:
The privilege of operating in society with minimal formalized restrictions, based on maintaining public trust, can be considered an aspect of personal liberty. Personal Liberty ensures individuals the freedom to make everyday choices about their lives such as where to work, what to study, or how to dress without officials interfering with your choices. In essence, personal liberty encapsulates the right to be let alone, which is a fundamental aspect of civil liberty. It allows for a form of self-governance within the boundaries of societal laws and respect for the rights of others.
However, liberty exercised without responsibility can lead to what is known as license, which is an excess of liberty that disregards the effects of one's actions on others. Governance is established on the principle of legitimacy, where officials have the public belief that they have the right to rule through indirect or direct means of being chosen by the people. Accountability and just laws support civil liberties by ensuring that government and private actors are accountable under laws that are clear, public, and fair.