Ferris wheel

an amusement ride consisting of a large upright wheel rotating on a fixed stand and having seats around its rim suspended freely so that they remain right side up as they revolve.

1890–95; named after G. W. G. Ferris (died 1896), American engineer

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World English Dictionary
Ferris wheel (ˈfɛrɪs)
a fairground wheel having seats freely suspended from its rim; the seats remain horizontal throughout its rotation
[C19: named after G.W.G. Ferris (1859--96), American engineer]

Collins English Dictionary - Complete & Unabridged 10th Edition
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Word Origin & History

Ferris wheel
1893, Amer.Eng., from U.S. engineer George W.G. Ferris (1859-96), who designed it for the World's Columbian Exposition, held in Chicago, 1893. It was 250 feet tall and meant to rival the Eiffel Tower, from the 1889 Paris Exposition.
Online Etymology Dictionary, © 2010 Douglas Harper
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