Hematopoiesis is the formation of blood cells from hematopoietic stem cells located in bone marrow. There are three main lineages - erythroid cells (red blood cells), lymphocytes (white blood cells involved in immunity), and myelocytes (other white blood cells). Hematopoietic stem cells self-renew and can differentiate into various mature blood cell types. Growth factors and cytokines regulate the proliferation, differentiation, and maturation of blood cell lineages, while transcription factors determine the specific lineages that cells develop into.