An instance variable is a variable defined in a class, for which each instantiated object of the class has its own copy.
Instance variables are defined inside a class but outside any method. Each object created from the class has its own set of these variables. For example, in a `Product` class, `price` could be an instance variable, meaning each `Product` object has its own price value.
Additional Notes
How would you explain an instance variable in a Java interview?