A euphemism for “mind your own business.” Since “mind their own business” sounds harsh, if not impolite, the close-sounding word “beeswax” was substituted. Those to whom the remark was directed might still get their noses out of joint, but somewhat less so than if the word had been “business.” An interesting, although fanciful, piece of folk etymology tells us that American colonial women stood over a kettle and stirred wax to make candles. If they didn't pay attention, the wax or fire might burn their hair and clothing. Someone who let her concentration wander would be reminded to “mind your own beeswax.”