The Lightning Input field allows us to create a form (using Lightning:recordEditForm) to insert/update records. For update scenarios, specify the recordId and recordTypeId attributes. The advantage of this component depends on the field data type the form fields widgets appear appropriately. For example, if you have a dependent Picklist, the Picklist selector is rendered; for a date type field, a date picker is rendered.
An introduction to Lightning input field components
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