make does not do default goal

[Noel David Torres Taño]

I have a strange sitation (at least for me) in which make does not go after 
default goal.

Makefile:
-----
exec = myexec

include depends
include object_list

all: $(exec)

$(exec): $(objects)

depends:
        for i in *.c ; do gcc -MM $$i ; done > depends

object_list:
        echo objects = > object_list
        for i in *.c ; do echo objects += `basename $$i .c`.o ; done >> 
object_list

clean:
        @-rm $(exec)
        @-rm $(objects)
        @-rm depends
        @-rm object_list

.PHONY: clean
-----

execution:
-----
$ make
Makefile:3: depends: File not found
Makefile:4: object_list: File not found
echo objects = > object_list
for i in *.c ; do echo objects += `basename $i .c`.o ; done >> object_list
for i in *.c ; do gcc -MM $i ; done > depends
cc    -c -o myexec.o myexec.c
-----

Why does make don't go like if 'make all' issued?

Thanks

Noel
er Envite

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