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
From this perspective, the edge of the continental shelf is the true edge of the continent, as shorelines vary with changes in sea level. In this sense the islands of Great Britain and Ireland are part of Europe, while Australia and the island of New Guinea together form a continent.