Blood has several components including plasma, red blood cells, white blood cells, and platelets. Plasma is mostly water that carries waste and nutrients, red blood cells carry oxygen and carbon dioxide using hemoglobin, and white blood cells fight infections. Blood typing involves the ABO system which determines if red blood cells have A, B, or no antigens, and the Rh factor which indicates if they have an additional antigen. Blood transfusions match the recipient's blood type to avoid rejection, with O- blood being the universal donor type.