I know this may be a very simple question for graphic designers, but i cant seem to figure it out.
I am creating a game and the games camera width and height is 800×480.
So with this, what does this means in terms of my aspect ratio? And how should graphics be designed accordingly?
800×480 is the most common resolution on Android powered devices.
Your aspect ratio would be: 5:3 (which is the same as 800:480 just put in its simplest form).
All your graphics should be created on a composition with the size 800×480, not to have stretched graphics when you run your game.
I would suggest you also have a look at supporting more phone screens when writing an Android game.
I hope this helps.