Crossovers are described as having an 'order', 1st order, 2nd order, 3rd, or 4th. The number denotes the strength of the filter, with 1st being the weakest and 4th the strongest. Each of these components (inductors and capacitors) share the same value of filter power. For each octave they will lower the signal by 6dB, (-6dB).
For example, consider the low pass filter type crossover. You want the low frequencies to pass to the woofer and you want the higher frequencies cancelled. This is done with an inductor.
1 inductor. . . . . . . . . . . . . (which is a 1st order filter) that starts to filter the woofer at 500Hz will then lower 1000Hz by -6dB and lower 2000Hz by -12dB, 4000Hz by -18dB and 8000Hz by -24dB.
https://europe-audio.com/crossover_calc.asp?id=16
1 inductor with 1 capacitor (which is a 2nd order filter ) that starts to filter the woofer at 500Hz will then lower 1000Hz by -12dB and lower 2000Hz by -24dB, 4000Hz by -36dB and 8000Hz by -48dB.
https://europe-audio.com/crossover_calc.asp?id=27
3rd = 1000-18dB, 2000-36dB, 4000-54dB, 8000-72dB.
https://europe-audio.com/crossover_calc.asp?id=28
Then you would do the same with a high pass filter. This allows the high frequencies to pass to the tweeter and the low frequencies get cancelled. This is done with capacitors.
https://europe-audio.com/crossover_calc.asp?id=17
Typically a crossover will use a LC (inductor/resistor) network to accomplish a high pass and low pass filter at the same time. How the drivers are wired into the filter determines which one get high frequencies and which one gets low frequencies.
https://europe-audio.com/crossover_calc.asp?id=1
The key as Joe says, is that the more components used, the more power is converted to heat, so there is a practical limit. More importantly, there is a factor of sound alteration.
Once the music has passed through the crossover (capacitors and inductors) it emerges with changes to the transients, amplitude time, and phase. Every original key part of the musical structure has been altered or moved from its original position.
For this reason, the best crossover is the First Order Crossover (for each driver) because it outputs a -45 degree vector to the tweeter and a +45 degree vector to the woofer. This is as good as it gets for the drivers, a signal that sums to unity with a combined phase shift of zero.
As with many things in electronics, there is some compromise - to get a good amount of octave attenuation, you may need a Second Order or a Third Order Crossover and give up some phase alignment.