Blood is composed of plasma and formed elements including red blood cells, white blood cells, and platelets. Red blood cells contain hemoglobin and transport oxygen and carbon dioxide throughout the body. The production of red blood cells, or erythropoiesis, occurs in the bone marrow and is regulated by the hormone erythropoietin which stimulates the bone marrow when oxygen levels decrease. Red blood cells survive for about 120 days before being destroyed and their components recycled.