Turning is using a machine to turn wood about an axis while a cutting
tool removes wood in an axially symmetric pattern. Techniques,
purposes, and creativity allow for a wide range of turnings.

What you describe is what Holtzapfel called 'simple turning.'

Ornamental turning is the other method, which include elliptical turning.
That is described as turning about TWO axii simultaneously. My oval lathe,
nearing completion, can turn about two, three, four, or more axii. Although
I only intend to do ovals. Dan

http://www.claycritters.com/lathe/
http://www.elliptical-turning-association.co.uk/
http://www.the-sot.com/
http://www.turners.org/