1. PRIVACY MANAGEMENT OF USERS
The initial idea of setting up your facebook account was to allow users to enter parameter based searches to find other users. People share stuff like high school, workplace, likes, etc.
For instance, "friends who dance salsa" or even more specifically"friends who dance salsa in NY"Facebook will norrow the search withing that field and you will be able to see old friends that you used to dance with 10 years ago.
After the phenomal growth of facebook we users started to realized that allow other people to see where we live , where we go eat on the weekends resulted to be dangerous in a way. People saw that it was way too much personal information you share and started to being concern about the privacy settings and thats ahy the founder had to adapt to the new people requirements.His new policy tried to hide some of the info by clicking on the privacy settings option, so people feel more secure about the site.
I personally do not care too much about the privacy settings I really do have people that are my friends and I would not be concern of being in danger by sharing where I hang out fridays nights.
I have been very conservative about my pictures and posting because I have some familiy members addeed as friends and cooworkers from my office. Maybe, who knows it will affect also for a job search.
So I really do not share stuff that cannnot be seen by my aunt or a job recruiter.