If you know how to manage your Facebook account smartly then you can build or maintain different relations in different ways over there. For example, your Facebook account friend list can have family members, college friends, colleagues, your boss or seniors etc. and you don’t want to share your vacation 
pictures or some personal videos to everyone. In that case, you can choose to share that picture or video with specific people from your list and this way you can maintain and grow your different relations in different ways.
Here is how you can share picture or videos with limited people
1. Click on share button available on Facebook below the picture or video which you want to share with others
2. A pop up will appear where you can see a “lock” sign. That is a dropdown where “Everyone” appears as default setting. Choose “custom” from that dropdown list
3. A new window will open where you need to choose “Specific People” from the dropdown list
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4. Once you will click on Specific people, you can see a new input box below “Specific People” title. Enter name of your friends, colleagues, family members with whom you want to share that picture or video. Only those will be able to see that shared item by you.
Using the same window, you can share with everyone from your friend list and hide with few people only. For example, you can hide some cool stuff from your seniors or boss who is also there in your friend list. You can also create different groups from your friend list and share stuff accordingly, but managing groups may take lot of time.
Anyway, hope this small tutorial for privacy on Facebook will help you in using Facebook at its best.