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I) Things You shared:

You can customize and control who can get updates from you when you post something on your status, photos and also you can give permission to only peoples you wants to comments on your posts by facebook privacy settings control.

As given below things you have shared can controlled by facebook privacy settings to everyone or friends only or friends of friends or only you as you wants.

   i) Posts by me
   ii) Family
   iii) Relationships
   iv) Interested in
   v) Bio and favorite quotations
   vi) Website
   vii) Religious and political views
   vii) Birthday
   viii) Places you check in to
   x) Include me in "People Here Now" after I check in

facebook privacy settings for things you share

Below that you get edit facebook privacy settings for existing photos and videos. Same there facebook privacy settings used to everyone as default for all.

II) Things others shared:

You can customize that which update you got from others(your friends) shared!! Here you set facebook privacy settings to everyone or friends only or friends of friends or only to you.

facebook privacy settings for things others share

1) Photos and videos you are tagged in or shared

2) Permission to comments on posts by you to your friends or any other users.
    Includes status updates, friends' Wall posts, and photos and videos shared by you.
3) Suggests photos of me to friends
    When photos look like me, suggest my name to friends

4) You can see wall posts by friends

5) Friends can check me in to Places and you can enable or disable it.

III) Contact information you have given

facebook privacy settings for contact info

You can update your facebook privacy settings to them who can views your contact information like Adress, IM screen name, your Email-Id set it to friends only or friends of friends or to specific people or to only you as you need to control your facebook privacy information.

• Recommended facebook privacy settings for all:

recommended facebook privacy settings

i) Your status, photos, and posts, biography and favorite quotes, family and relationship and bio's status are set to everyone.

ii) Photos and Videos you are tagged in and uploaded, religious and political views, birthday date are set to friends of friends as they need low privacy for many users.

iii) Permission to comments on your posts, places you check in to, contact informations are set to friends Only to protect privacy.

But in custom facebook privacy settings places you check in is set to others.