 Solution

Compose permutations from right to left. Tracking the four symbols through the two permutation cycles gives $1\mapsto 2\mapsto 1$ and $3\mapsto 4\mapsto 3$. Thus the cycle decomposition of a permutation isThe disjoint transpositions commute, and squaring their product gives the identity element, while the product itself is nonidentity. Its order of a group element is therefore two. Each transposition has negative sign of a permutation, so the product has sign $(-1{)}^2=\boxed{+1}$: it is an even permutation.