The name Baal is derived from the Semitic word "ba'al". It is a northwest Semitic title. It either means the "lord" or the "possessor". It simply means "master of the good". It is pronounced as BAY'-ul. Ba'al is a word in Hebrew which is derived from the Phoenician word ba'al which is the name of various Semitic storm gods, sun gods, rain gods, agricultural gods as well as fertility gods. It is a male name. It is generally used in the "Near Eastern Mythology". Baal can also refer to human officials, various spirits as well as demons. There are deities known as Ba'al and Baalath. They were worshipped by the old Canaanites, Phoenicians and many other people from the ancient "Near East". The worshipping of these gods dates back to the 14th century.
Answer # 1 states ba'al means "master of the good". At least with regard to the Hebrew language, this is incorrect. It simply means master. Were it to mean "master of the good" it would be followed by an adjective like ba'al tov (good master) or Ba'al Shem Tov (Master of the Good Name). Hope this helps.
Baal is often used as a first name for boys. It originates from Israel, and usually means master.And some people also have Baal as surnames.