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The BEC is the part that drops the battery pack voltage (7.4v, 11.1v, or whatever) down to 5v or 6v for use by the receiver and servos. It's called a battery eliminator circuit because it eliminates the requirement for you to use a separate 4-cell NiCd or NiMh receiver battery to power them.
The BEC is usually incorporated into the ESC, so that simply plugging the ESC into the receiver is all you need to supply power to it. But often the built-in BECs are insufficient to deal with all the servos you have, or the high voltage of a 4S and upwards LiPo pack, so you can get a stand-alone BEC to do the job.
Stand-alone BECs are usually the switching kind, so they can deal with higher voltage and current than the linear kind which are usually built into the ESCs. SBEC, UBEC, and other terms have become generic terms for, usually, switching BECs. But it's always wise to check the BEC's specs, irrespective of what the manufacturer calls it, to make sure it is switching if you want high-power and/or high-voltage use.