Market transformations of the national economy have replaced emphasis of science & technology and innovation studies, as the science & technology activities per se was becoming the investigated object, apart from the traditional object, research and development (R&D). Various interpretations of the notions 'activities' and 'science & technology activities' are discussed, including approaches of P.Drucker and J.Bernal. The science & technology activities are investigated by use of cognitive instruments of the action-focused approach. This approach allows for having clear definitions of purpose (goal), actors, means, subject, process, conditions and output of science & technology activities. Also, the essential characteristics of science & technology activities (poly-systemic, creative, momentary, discrete nature, uncertainty, task sharing, synergetic and integrative nature, universality, global nature) are outlined with consideration to integrity of and links between its components (research and development, training of research personnel, supply of science & technology services). It's shown that an important condition for the valuation of science & technology knowledge lies in the relevance of the external environment wherein the intellectual capacity can be realized.