toggle switch

noun Electricity.
a switch in which a projecting knob or arm, moving through a small arc, causes the contacts to open or close an electric circuit suddenly, as commonly used in most homes.

1920–25 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
toggle switch
1.  an electric switch having a projecting lever that is manipulated in a particular way to open or close a circuit
2.  a computer device that is used to turn a feature on or off

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
The crisis has now turned the toggle switch, because risk perception among
  investors has changed.
When instructed, you activate that new frequency by pushing one toggle switch.
Spot walks into a toggle switch, turning on a pair of toy trains.
At that instant, she pressed a toggle switch on her belt, killing twenty-eight
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