Saying that you'll do that with "the microswitch" is a little inaccurate, or rather represents a needlessly complicated way of getting the effect you want. To have the output be a "closed circuit" you'd need to connect your button and circuit to a (electro-mechanical) relay, for total isolation. But for most practical purposes it's enough to just have one output line which changes voltage with respect to the ground line on your button encoder.
There are various ways you can achieve this effect. You may be able to pull it off with a simple R-C circuit (closing the switch quickly charges the capacitor, and then releasing the switch causes the capacitor to discharge through a resistor) in conjunction with what I believe is called a "one-shot" (translates a falling edge on the button voltage - the switch closure, into a fixed-length pulse). Or if you know where to get or how to build a one-second one-shot, that would do it, too.
You should look through the basic circuits books at Radio Shack. I have a nagging suspicion that they'd have something like this, possibly implemented with a 555 IC and a few extra parts.
Me, I'd program a PIC to do the job. But if you're not set up for that, it takes a bit of money and learning to get up to speed enough to make useful stuff.