Look around, for example, a construction set (4)
I believe the answer is:
lego
'a construction set' is the definition.
(I know that Lego is a type of construction set)
'look around for example' is the wordplay.
'look' becomes 'lo' (archaic exclamation meaning 'look!').
'around' is an insertion indicator.
'for example' becomes 'e.g.' (short for 'exempli gratia', 'for example' in Latin).
'lo' enclosing 'eg' is 'LEGO'.
(Other definitions for lego that I've seen before include "Toy building-bricks" , "Kids' bricks" , "Building block toy" , "Child's building bricks" , "constructed without care" .)