We analyze the transmission and reflection data obtained through transfer matrix calculations on metamaterials of finite lengths, to determine their effective permittivity epsilon and permeability micro. Our study concerns metamaterial structures composed of periodic arrangements of wires, cut wires, split ring resonators (SRRs), closed SRRs, and both wires and SRRs. We find that the SRRs have a strong electric response, equivalent to that of cut wires, which dominates the behavior of left-handed materials (LHM). Analytical expressions for the effective parameters of the different structures are given, which can be used to explain the transmission characteristics of LHMs. Of particular relevance is the criterion introduced by our studies to identify if an experimental transmission peak is left or right handed.