A more thorough explanation:

Definition: Firma burgi (pronounced fuh-r-muh bur-jee) is a Latin term that means "the farm of the borough." In history, it referred to a person's right to take the profits of a borough. This right was granted by the monarch or the borough's lord to a person who paid a fixed sum.

Example: In medieval England, a wealthy merchant might pay the lord of a borough for the right to collect tolls from the market. This would give the merchant the firma burgi, or the right to take the profits of the borough's market.

Explanation: This example illustrates how the firma burgi worked in practice. The lord of the borough would grant the right to collect tolls to a person who paid a fixed sum. This person would then have the exclusive right to collect tolls from the market, which would give them a steady source of income. This was a common practice in medieval England and helped to fund the development of towns and cities.