General :: Compiling Programs - Understanding Concept Of Makefile2

# Filename: makefile2
# Usage: make-f makefile2
# Description: Maintains all the dependencies between modules using the
# Agenda1.

CC=g++
CFLAGS=-c -Wall
LDFLAGS=
SOURCE_MODULES=main.cpp factorial.cpp hello.cpp
OBJECT_MODULES=$(SOURCE_MODULES:.cpp=.o)
EXECUTABLE=programa1
all: $(OBJECT_MODULES) $(EXECUTABLE)
$(EXECUTABLE): $(OBJECT_MODULES)
$(CC) $(LDFLAGS) $^ -o $@
.o: .cpp
$(CC) $(CFLAGS) $< -o $@

I am suppose to explain the dependencies that exist and each of the following lines of makefile. Lists orders to be executed as a result of running the make utility on it.