Literally the term 'Renaissance' means rebirth. The Renaissance began in Italy around 1420 and within 80 years this new style influenced every part of Europe. It often describes changes that took place in European culture during the 15th and 16th centuries. A time when Queen Elizabeth (Daughter of King Henry VIII) ruled; she was crowed in 1558. The Elizabethan period covers 1558 through 1602, from Elizabeth's Coronation until her death.
In many ways, the period of the Renaissance saw a decline from the prosperity of the High Middle Ages. The Black Death (bubonic and pneumonic plague), which devastated Europe in the mid-14th century, reduced its population by as much as one-third, creating chaotic economic conditions. Labor became scarce, industries contracted, and the economy stagnated, but agriculture was put on a sounder basis as unneeded marginal land went out of cultivation. Probably the actual per capita wealth of the survivors of the Black Death rose in the second half of the 14th century. In general, the 15th century (1400s) saw a modest recovery with the construction of palaces for the urban elites, a boom in the decorative arts, and renewed long-distance trade headed by Venice in the Mediterranean and the Hanseatic League in the north of Europe.
Some people during this age includes such writers and philosophers as Shakespear, Sir Francis Bacon, John Milton The brilliant period of artistic achievement continued into the 16th century--the age of Leonardo da Vinci, Raphael, Titian, and Michelangelo--but as Italy began to fall under foreign domination, the focus gradually shifted to other parts of Europe.
To find out more. Please see the following links:
Life in Elizabethan England: a Compendium of Common Knowledge