There are no limits involved. The definition of union is unchanged no matter how many different things you are taking the union of. Similarly for intersection.
Union and intersection are different from an operation such as addition.
Addition is only defined on a pair of arguments. You can add a finite number of arguments by repeated addition (because of associativity and commutativity), but you have to do something fundamentally different to generalize addition to infinitely many objects.
Unions and intersections, on the other hand, are inherently defined for any class of sets. The binary versions of union and intersection are just special cases where the class has two elements.
nitpick 1: set theory and category theory define notions of limit and colimit, but they have nothing to do with calculus
nitpick 2: the intersection of an empty class of sets is defined, but it's a proper class, not a set. Similarly, the union of a proper class of sets is sometimes a proper class[/size]