Joel can craft a variety of items in The Last of Us. Here are those items, and the elements required to create them. Remember, you can carry up to three items at a time (be it molotovs, nail bombs, stun grenades, whatever) and up to three crafting elements at a time (be it sugar, alcohol, blades, whatever).
Always craft and use up your supplies, because if you don't, you won't be able to pick up more. If in picking up an item, you're met with a red "FULL" warning, open up your crafting menu and use up some of those supplies to craft useful items.
Here's the list:
Melee Upgrade -- Blade + Binding
Schiv -- Blade + Binding
Health Kit -- Rag + Alcohol
Molotov Cocktail -- Rag + Alcohol
Nail Bomb -- Blade + Explosive
Smoke Bomb -- Explosive + Sugar