What is it called when people buy new things with a small down payment and an agreement to make future monthly payments

in an absolute  monarchy, the  monarchrules as an autocrat, with absolutepower  over the state and government — for example, the right to rule by decree, promulgate laws, and impose punishments. the  monarch isnominally sovereign but the electorate, through their legislature, exercise political sovereignty.

the economic difference between the three colonial regions. shipbuilding, whaling, fishing, and trapping where also main factors to the economy. the southern regional colonies economy was based on sugarcane, rice, cotton, tobacco, and indigo.