Here's a quote from Mozilla Developer Center (MDC):
Frecency is a score given to each unique URI in Places, encompassing
bookmarks, history and tags. This score is determined by the amount of
revisitation, the type of those visits, how recent they were, and
whether the URI was bookmarked or tagged.
https://developer.mozilla.org/en/The_Places_frecency_algorithm
Hope that answers your question. If you need more details let me know.