ViewStack

A ViewStack is a navigator container that contains other child containers stacked on top of each other like a deck of cards.
Only one child container can be visible or active at a time
There is no built-in mechanism to switch between child containers
You can create your own logic to manage active views or use a LinkBar, TabBar, ButtonBar, or ToggleButtonBar control
The ViewStack's child containers are indexed from 0 to n-1
The selectedIndex property contains the index of the active container

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ViewStackDemo.mxml

<?xml version="1.0" encoding="utf-8"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml"
    backgroundColor="#FFFFFF"
    backgroundAlpha="0"
    horizontalAlign="left"
    verticalGap="15" horizontalGap="15">

    <mx:Panel>

        <mx:ViewStack id="vs"
            x="30" y="32"
            width="452" height="339"
            selectedIndex="0">

            <mx:Canvas backgroundColor="#FFFFCC">
                <mx:Text text="This is Area 1"
                    fontWeight="bold"
                    paddingTop="10" paddingLeft="10" />
            </mx:Canvas>

            <mx:Canvas backgroundColor="#D7D7D7">
                <mx:Text text="This is Area 2"
                    fontWeight="bold"
                    paddingTop="10" paddingLeft="10" />
            </mx:Canvas>

            <mx:Canvas backgroundColor="#CCCCFF">
                <mx:Text text="This is Area 3" fontWeight="bold" paddingTop="10" paddingLeft="10" />
            </mx:Canvas>

		</mx:ViewStack>

	</mx:Panel>

    <mx:HBox>
        <mx:Button label="Area 1"
    		click="vs.selectedIndex=0" />
        <mx:Button label="Area 2"
    		click="vs.selectedIndex=1" />
        <mx:Button label="Area 3"
    		click="vs.selectedIndex=2" />
    </mx:HBox>

</mx:Application>

Resources

ViewStack

ViewStackDemo.mxml

Rendered Application