Behavioral economics is not as strongly a defined area as other areas of the social sciences, however, today psychological experimentation is its focused methodology because it has increasing applicability in the natural environment. The standard assessments of traditional economists regarding the nature of people are subjected to an intensive assessment by modern economists who follow the concept of the psychology of individuals in decision-making. The aim of this final paper is to study the theoretical issues of the historical development of behavioral economics and examine its basic concepts that have been explored by many authors, as well as its controversies, where behavioral economics has developed into a popular discipline. The purpose of the final paper is to point out the importance of applying behavioral economics and its principles in practice and how much it brings benefits. Behavioral economics is today a applicable scientific discipline in practice in many cases and stimulates economic decision-making if the subject of choice is presented to people and is desirable. Its implementation will have a positive impact on the optimal economic decision only if it is encouraged in the right way to direct their behavior so that they can make a decision independently, but still encouraging, and with the goal of mutual satisfaction.