Facebook’s new, simplified 'inline' privacy settings

Facebook’s new, simplified 'inline' privacy settings 
In August 2011, Facebook greatly simplified its privacy controls by creating what
it calls “inline privacy settings.” 
What this means is that users will be able to control who gets to see each post,
photo or other content more easily and right when they're creating the post.
Whenever you post content, there is an opportunity to decide who can see it. For
example, you can choose to share a particular post with just your Facebook 
friends, friends of friends, a particular list (such as Family or Close Friends), a
specific friend or two or Only Me which means you’re not sharing it with anyone.
Another important change is that Facebook is dropping the term “everyone” as a
sharing option because people found that confusing. Adults can post to “Public,”
which can be anyone on Facebook or even anyone on the Internet.
In most situations, minors (users under 18) will not have the option to share
with the public. They will be limited to friends and friends of friends.

Whenever you post any content – a status update, a photo or anything else – you'll see
an audience selector icon. For minors, the maximum is friends of friends, but you can
restrict it further by clicking on that icon and selecting a narrower audience.
Privacy & Safety Point: Whenever you change the audience, Facebook 
keeps that setting in place the next time you post. So if you usually post to
friends but just posted something to friends of friends, it’s important to
remember to set it back to friends the next time you post.