Short Answer 
The story contrasts East Egg’s old money with West Egg’s new money, establishing a setting that underscores social status and wealth disparities. The narrator feels like an outsider in this affluent world, highlighting the tension between appearances and reality, which leads to the central conflict focused on class distinctions and the consequences of materialism.
Step 1: Understanding the Setting
The story is set in two contrasting areas known as East Egg and West Egg. East Egg symbolizes old money, where wealth is inherited and comes with a sense of tradition. In contrast, West Egg represents new money, where individuals have recently acquired their wealth, often lacking the refinement of East Egg residents. This setting lays the foundation for the central conflict related to wealth and social status.
Step 2: Analyzing the Narrator’s Perspective
The narrator’s observations highlight his feelings about being in a wealthy environment while feeling dissatisfaction with his own financial situation. He perceives himself as an outsider in this affluent world, which emphasizes disparities between his meager income and the opulence surrounding him. This enhances the tension regarding appearances versus reality, where wealth does not equate to happiness.
Step 3: Recognizing the Story’s Central Conflict
Based on the descriptions and settings, the central conflict of the story emerges from the complexities of wealth and appearances. Characters will likely grapple with issues related to class distinctions, envy, and the consequences of a life focused on materialism. The tension between how individuals portray themselves and their true identities will drive the narrative forward, revealing deeper social critiques.