Island
An island or isle is any piece of sub-continental land that is surrounded by water. Very small islands such as emergent land features on atolls can be called islets, skerries, cays or keys. An island in a river or a lake island may be called an eyot or ait, and a small island off the coast may be called a holm. A grouping of geographically or geologically related islands is called an archipelago, such as the Philippines.
Continent
As a cultural construct, the concept of a continent may go beyond the continental shelf to include oceanic islands and continental fragments. In this way, Iceland is considered part of Europe and Madagascar part of Africa. Extrapolating the concept to its extreme, some geographers group the Australian continental plate with other islands in the Pacific into one continent called Oceania. This divides the entire land surface of Earth into continents or quasi-continents.