Spot instance Vs On-Demand instance in AWS

Hello Everyone, I am new in this community, I am learning AWS and trying to get a job as AWS developer . I am confused about the difference between a Spot instance and an On-Demand instance. I know the basics about both spot instances and on-demand instances are pricing models. A spot instance allows customers to purchase compute capacity with no upfront commitment. I want to know more depth information about it. Could you please give me some suggestions and guide me on how to prepare for the interview with some examples?

A Spot Instance is an unused EC2 instance that is available for less than the On- Demand price. Because Spot Instances enable you to request unused EC2 instances at steep discounts, you can lower your Amazon EC2 costs significantly.

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