Though the outfits worn by the peasantry varied from region to region, the following elements were common in most and easily made and readily available for purchase, as well as being standard "faire ware".

Shirt
Men wore a shirt, usually referred to as a "bag shirt". These are quite easy to make, and reasonably priced to purchase. Peasant shirts were particularly humble garments, usually made from the most commonly available fabrics in Elizabethan England, namely flax or linen. Broadcloth, cotton lawn, muslin or any lightweight, solid colored fabric of natural fiber can pass casual inspection if linen is too pricey for your budget. You may see merchants selling ones made of 'bubble' gauze, which is a wonderful fabric for use at Faire. It's light enough for comfort, dries quickly, never needs to be ironed, and hangs well.

Jerkin
Men wore a vest called a "jerkin". Rather like a male bodice, it's made of sturdy fabric, but slightly longer, and not laced tightly like a woman's bodice. Jerkins are usually made from a heavy, sturdy material like canvas or a heavy wool. Other fabrics that can work are very fine whaled corduroy, cotton chamois cloth, or indeed any heavy, durable cloth of a solid color made of natural fibers. Brocade, tapestry and velvet would have been beyond the means of a peasant.

Pants
Peasant men wore pants. Some stopped below the knee, some were full length. These pants can be made from a wide variety of materials, including linen, wool, or any solid color natural fiber fabric that approximates the look of one of those, including cotton broadcloth, lawn, chamois cloth, flannel, or bubble gauze.

Cloaks
A cloak can also be worn, if you wish, though it is not absolutely necessary. Opt for a simple design in a heavier natural fabric, without ruffles or satin lining. Peasants would not have been able to afford velvet, though a wool cloak would have been very common.

Hat
A flat cap would be a very common head covering for an Elizabethan male, made from any sturdy, solid colored fabric of natural fibers, like wool, felt, or something that approximates the look of wool. As with cloaks, a peasant would not have been able to afford a hat made of a fancy fabric, such as tapestry or velvet.

Shoes
Shoes are, without a doubt, the most difficult item of clothing to procure for faire. Chinese slippers and "kung-fu" shoes are fairly serviceable, and can be found in many shops and online at The Pillaged Village, as are any pair of flat, soft leather boots without buckles or metal ornament or visible rubber or plastic soles. Leather moccasins, such as you can construct with a leatherworking kit, also suffice, though avoid any design that has fringe or silver accents. Only the poorest peasants wore sandals, and any shoe with high heels would likely be inappropriate.

Accessories
A belt was a common accessory for Elizabethan peasant man, either of simple leather or strips of braided cloth. You will most likely also want to purchase a pouch which you can hang from the belt, and will take the place of your purse and store your ID, money, car keys, sunscreen, and so forth. Many peasants also hung their drinking tankard from their belt, and some even hung wooden bowls, bells and other personal artifacts as well. Tankards, bowls, and other feast gear can be purchased at phenomenally low prices from The Pillaged Village. Generally, peasants did not have costly jewelry, perfume oils, though a few items of string, ribbon, clay or carved wood would be acceptable, as would a common looking feather (not peacock).

When purchasing fabric or pre-made garb, keep in mind what colors would have been available to Elizabethan peasants. Peasants would have worn clothing in shades of earth tones, such as browns, beiges, greens, russets, deep oranges, and saffrons, as well as medium to dark blues. Pure, snowy white was not commonly available, and neither were bright, vivid shades like scarlet, royal blue, or bright yellow, or black. Very pale pastel shades like petal pink or baby blue were also uncommon. Also, do not wear purple! Purple was reserved for royalty and should never be used for a peasant costume, or any costume other than that of a king or queen. You can refer to the sumptuary laws listed elsewhere on this website for further restrictions if you have an interest.

Additional Information:

Book: Elizabethan Costuming (For The Years 1550 - 1580), Janet Winter
Book: Patterns of Fashion : The Cut and Construction of Clothes for Men and Women C1560-1620, Janet Arnold