This article explains the focus, accuracy, and application of qualitative research in economic issues, highlighting its role in exploring complex economic phenomena and providing in-depth, human-centric insights to analyse the economic behaviour and thought. The objectives of this article are to provide a basic understanding of qualitative research, including differences with quantitative research, and to equip readers with brief information to appreciate the three approaches of qualitative research. Covering a range of qualitative approaches, including grounded theory, phenomenology, and ethnography, it has shed light on diverse aspects of data collection and analysis. Concluding with a discussion on ethical considerations, this article is helpful to orient the researcher to understand the subjective domain of economic and social science issues.