What are the key components and techniques involved in setting up a 3 point lighting system for photography or videography?

The key components of a 3 point lighting system for Photography or videography are the key light, fill light, and backlight. The key light is the main light source that illuminates the subject, the fill light helps reduce shadows and adds depth, and the backlight separates the subject from the background. Techniques involved include positioning the lights at specific angles, adjusting their intensity, and using modifiers like softboxes or umbrellas to control the quality of light.