You can achieve that using the flag and rules modules.
Set a role named "moderator". Moderator users can flag the content as active. Then other role ("super moderator" for example) can flag the content as approved/ submitted. Configure a rule to publish the content when it's flagged as approved.
You can also create views accessible only to specific roles where they can view the nodes flagged as inactive/ active/ submitted/ or approved.
in order to create a toggle button - try this tutorial - http://www.wdtutorials.com/2011/10/18/drupal-7-how-create-do-list-flag-module.

You can also try the Workflow module.

You can achieve that using the flag and rules modules.
Set a role named "moderator". Moderator users can flag the content as active. Then other role ("super moderator" for example) can flag the content as approved/ submitted. Configure a rule to publish the content when it's flagged as approved.
You can also create views accessible only to specific roles where they can view the nodes flagged as inactive/ active/ submitted/ or approved.
In order to create a toggle button - try this tutorial - http://www.wdtutorials.com/2011/10/18/drupal-7-how-create-do-list-flag-module.
You can also try the Workflow module.