Green’s Dictionary of Slang

biz n.1

[abbr.]

1. [mid-19C+] (orig. US, also bis, bizney, bizniz, bizz) business; also attrib.

2. energy, ‘hustle’.

3. [late 19C+] as the biz, the real thing (and to be respected as such).

4. [late 19C+] a situation, with no actual economic ‘business’ attached.

5. see business n.

In phrases

work the biz (v.) [work v. (10)]

[1990s+] (Can.) to work as a prostitute.

In exclamations

good biz!

[late 19C–1910s] wonderful! excellent!; also as n. meaning a wonderful situation or thing.