Why does America, one called North and the other is South?
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M$2 Answers
However that the Americas were actually named after Amerigo Vespucci has always been in dispute.
http://www.straightdope.com/columns/read/951/why-was-america-named-after-amerigo-vespucci
But whichever way the Americas got their name...
The distinction of "North" and "South" come from their location on the map of the world. North America is in the Northern Hemisphere and South America is in the Southern Hemisphere.(mostly) and south of North America.
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M$They have been classified as two different continents and the names were given due to their position relative to the equator.
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M$

Agree with you on most... but the issue it is far from being in dispute bud. There is not such thing as a dispute of which is to be named America. I'm also an American that happen to live in the south.
South America is the name of the place I live.