We present a numerical study of the electromagnetic response of the metamaterial elements that are used to construct materials with negative refractive index. For an array of split ring resonators (SRR) we find that the resonant behavior of the effective magnetic permeability is accompanied by an antiresonant behavior of the effective permittivity. In addition, the imaginary parts of the effective permittivity and permeability are opposite in sign. We also observe an identical resonant versus antiresonant frequency dependence of the effective materials parameters for a periodic array of thin metallic wires with cuts placed periodically along the length of the wire, with roles of the permittivity and permeability reversed from the SRR case. We show in a simple manner that the finite unit cell size is responsible for the antiresonant behavior.