I need a mechanism with which one motor can drive one of two outputs. So only one output should be active at a time, but the mechanism should be able to switch between the outputs.
What is a mechanism like that called?
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Generically, one can consider this to be a transfer case. It's common in a four-wheel drive vehicle, although in such application, power is applied to rear only or front and rear. The concept is consistent, as a transfer case would provide the option to disengage power from one output and apply to the other.
In the process of researching this question, I discovered that there appears to be no commercial version in which one output is disengaged while the other is engaged. This doesn't change the concept behind the terminology.
Another side-branch of the research brought up power take-off units, which are similar in concept.
Even more generic is to consider your objective as a purpose specific gearbox.
All the hydraulic valves, manual, electric, automatic, remotely controlled even valves in a car automatic transmission, using pressurized oil or air, are a good answer.
A compressor coupled to an engine produces fluid pressure. This pressure is controlled by a valve. Depending on the position of the valve the pressure is disconnected from one task and diverted to a different task. Like a crane boom, going up or coming down.