Final answer:
Sodium (Na) is the element below Lithium (Li) in Group 1 of the periodic table, both of which are alkali metals with similar outer electron configurations.
Step-by-step explanation:
The element that is located below Lithium in the same group on the periodic table is Sodium (Na). Lithium (Li) is part of Group 1, also known as the alkali metals. This group includes elements such as lithium, sodium, potassium, rubidium, cesium, and francium. They are characterized by having a single valence electron in their outermost electron shell, which makes them highly reactive. Specifically, for lithium, it has two electrons in the first energy level and one electron in the second energy level. Sodium, directly below lithium in the periodic table, follows the same general electron configuration with one more electron shell.