Take a look at those basic four elements:  setting, mood, character, and conflict.  Examine how the author developed each of these.  Pay specific attention to the choices he or she made.   Ask (and try to answer) many different questions:  Why is the story set in the future? Why is it set in a small town instead of a city?  What motivates the main character to do what he or she does?  Why did the author choose to give the main character such jet black hair?  The more you ask, the more your brain will begin to piece together.  You'll see things you didn't realize while you were busy reading and you'll draw conclusions that are interesting and insightful.