Close Friends: You can add your best friends to this list to see more of them in your News Feed and get notified each time they post. You also have the option to turn these extra notifications off. Acquaintances: This list is for friends you don’t need to stay in close touch with. People on your acquaintances list will rarely show up in your News Feed. You can also choose to exclude these people when you post something, by choosing Friends except Acquaintances in the audience selector. Restricted: This list is for people you’ve added as a friend but just don’t want to share with, like your boss. When you add someone to your Restricted list, they will only be able to see your Public content or posts of yours that you tag them in.
EXAMPLE: You have a cousin located five states away in Colorado who is holding a school rummage sale and is constantly posting about the wonderful items being donated and asking for donations from Facebook friends. The likelihood that you or anyone not residing within your cousin's local community would be able to donate or even attend the rummage sale is rather low. Your cousin would serve her Facebook friends well by posting all rummage-related content to her list for School or Colorado, thereby sharing her content with those with whom it is relevant and avoiding the risk of being de-friended by others who no longer want to receive irrelvant information.