Facebook has recently come under fire for allowing millions of its users personal data to be exploited. Helping us understand this complex topic are two professors from the University of Washington Information School Jevin West and Carl Bergstrom.
Here are a few more resources from Jevin:
Wired (includes a video): How to Lock Down Your Facebook Privacy Settings
Consumer Reports: How to Use Facebook Privacy Settings
Techlicious (includes screenshots on where to look on settings): The Complete Guide to Facebook Privacy Settings
Facebook itself: Basic Privacy Settings & Tools