If a and b are, for example, floats, then the complexity of a*b or a+b is $\mathcal{O}(1)$. That's because, for numbers that have a set number of digits, operations like addition and multiplication are performed by the CPU (the Central Processing Unit.)
To simplify a little bit, if the CPU's clock speed is 2Ghz, that means it can perform 2 billion elementary operations like addition or multiplication per second.
However, for ints, the story is more complicated, since they do not have a set number of digits, and can be arbitrarily large. How long does it take to perform addition?
An efficient way to perform addition is long addition -- adding the numbers digit-by-digit.
123987
+654654
=======
778641
Roughly speaking, a+b requires as many additions as there are digits in $\max(a, b)$.
There are approx $\log_{10} a$ decimal digits in the number $a$. So the complexity of addition is $\mathcal{O}(\max(\log a, \log b)$.
How about multiplication? Here is a naive approach:
def mult(a, b):
prod = 0
for i in range(a):
prod += b
return prod
We repeat the iteration $a$ times, and each time we perform a number of operations that's proportional to at most $\log ab = \log a + \log b$. So the complexity is $\mathcal{O}(a\log ab)$.
Can we do better? Yes. That requires the use of long multiplication. To remind you, long multiplication goes like this:
123
521
====
123
246
615
======
64083
To multiply two three-digit numbers, we needed to perform $3\times 3$ multiplications of single digits (and also about the same number of additions.) In general, we'd need about $\log a \times \log b$ multiplications and additions.
So the complexity of long multiplication is $\mathcal{O}(\log a \times \log b)$. If the the number of digits in $a$ and $b$ is $n$, we can say the complexity is $\mathcal{O}(n^2)$.
Is it the best we can do? In fact, no. Algorithms that run in, e.g., $\mathcal{O}(n^{1.59})$ time exist as well.
Here is a larger example, with multiplication of two 6-digit numbers:
d1 d2 d3 d4 d5 d6
D1 D2 D3 D4 D5 D6
=================
p6 p5 p4 p3 p2 p1
p12 p11 p10 p9 p8 p7
..................... <----- 36 products
...................
p36 p35 p34 p33 p32 p31
===================================
s1 s2 s3 s4 s5 ....... sk <- to compute all of s1, s2, s3, ..., sk, we add in each p_i once, and we have approx 36 p_i's