Whole beef is separated into larger sections called primal cuts.
Thank you to GourmetSleuth.com for the image.
1. Chuck: This primal is hard working cut with good flavor and fat content. This is the section to look in if you want a good quality roast without breaking the bank.
Roasts: Chuck roast is ideal because the harder working meat and a higher fat content makes ideal conditions for low and slow cooking. Ask your butcher for a chuck shoulder blade roast (also referred to as a 7 bone roast) with the longest bone available inside the roast.
Steaks: The term flat iron steak was given to chuck steak to make it seem more appealing. It seems to be working because the price on this cut is higher than it should be. I'd never purchase this cut because there's better ones available for less money. More about that later.
Other: Burgers! Ground chuck is the best choice because the higher fat content makes for more juicy and tender burgers! Buy 20% fat ground chuck and cook only until just done in the center. If you're watching your fat intake, don't cut back on the fat, just eat less burgers!
2. Rib: The rib primal is a tender section with good marbling and provides ideal conditions for creating high quality roasts and steaks. You will pay a higher price for cuts from this section but it's worth the extra money