### Step-by-Step Solution:
1. **Definition of Blood**:
- Blood is a vital fluid in the circulatory system that is responsible for transporting oxygen, nutrients, hormones, and waste products throughout the body.
- It consists of red blood cells (RBCs), white blood cells (WBCs), platelets, and plasma.
2. **Components of Blood**:
- **Red Blood Cells (RBCs)**: These cells are responsible for carrying oxygen from the lungs to the rest of the body and returning carbon dioxide to the lungs.
- **White Blood Cells (WBCs)**: These cells are part of the immune system and help fight infections.
- **Platelets**: These are involved in blood clotting.
- **Plasma**: This is the liquid component of blood that carries cells, nutrients, hormones, and waste products.
3. **Definition of Lymph**:
- Lymph is a colorless fluid that is part of the lymphatic system. It is derived from interstitial fluid and plays a crucial role in immune function and nutrient transport.
4. **Components of Lymph**:
- Lymph contains a smaller number of white blood cells compared to blood.
- It does not contain red blood cells (RBCs) or platelets in significant amounts.
- Lymph carries nutrients, particularly fat-soluble vitamins, absorbed from the intestines.
5. **Key Differences Between Blood and Lymph**:
- **Color**: Blood is red due to the presence of RBCs, while lymph is colorless.
- **Cell Composition**: Blood contains both RBCs and WBCs, while lymph primarily contains WBCs and lacks RBCs.
- **Function**: Blood is involved in the transportation of gases, nutrients, and waste, while lymph is primarily involved in immune responses and the transport of fats and fat-soluble vitamins.
6. **Conclusion**:
- In summary, the main differences between blood and lymph are their color, cell composition, and functions within the body.