It’s not quite that simple, and it depends on the person. Honestly what will (and should) happen is you’ll start with a server/all the networking if it’s multiplayer, if not you’ll start with getting a rendering system up. This means 2D, 3D, loading/parsing models, animation, texturing, etc. Only after you have all this done will you truely get into other aspects of the game itself. After I get rendering set up, I typically create a simple GUI for navigation between menus and some other stuff. I then create a player and start to build the environment around the player based on what has the most priority (starting with a floor). Once I have the basic environment, I move straight into physics like collision detection, gravity, etc. You really build a game in layers of importance. Before I get into rendering at all, for example, I make a console (server and client) for debugging purposes. This is just what I do, though, its all up to you.
Here’s my recommendation:
All networking (if multiplayer)
Console
All rendering you can possibly think of that you’ll need (excluding lighting, shading, sprucee stuff)
GUI for navigation (is the game loading, at the main menu, etc)
Player
Build basic environment around player (terrain, for example)
Physics
Then advance everything previously stated
Then get into details like inventory, health, monsters, etc