A classic example of an inertial load is a flywheel. The inertia of the flywheel presents a large load to the motor as it is being accelerated to the motor speed. As the flywheel accelerates, the amount of energy required from the motor decreases. Once the motor shaft speed is reached, the load on the motor is only the torque necessary to overcome the frictional losses.
A classic example of a resistive load is a paddlewheel. The paddlewheel moves fluid by pushing against it, so the work done by the driving motor is relatively constant while the paddlewheel is in motion in the fluid.
To expand on Flatulent's description - a power saw motor sees mostly inertial loading getting the blade up to speed. When the running saw is applied to a piece of wood, the load becomes mostly resistive as the saw moves through the material.