The accepted answer already mentions PEP 238. I just want to add a quick look behind the scenes for those interested in what's going on without reading the whole PEP.
Python maps operators like +, -, * and / to special functions, such that e.g. a + b is equivalent to
a.__add__(b)
Regarding division in Python 2, there is by default only / which maps to __div__ and the result is dependent on the input types (e.g. int, float).
Python 2.2 introduced the __future__ feature division, which changed the division semantics the following way (TL;DR of PEP 238):
/ maps to __truediv__ which must "return a reasonable approximation of
the mathematical result of the division" (quote from PEP 238)
// maps to __floordiv__, which should return the floored result of /
With Python 3.0, the changes of PEP 238 became the default behaviour and there is no more special method __div__ in Python's object model.
If you want to use the same code in Python 2 and Python 3 use
from __future__ import division
and stick to the PEP 238 semantics of / and //.
480 * 320 // 640wives the expected240.