Technically, it's the process of utilizing established or repeatable techniques and method to locate, select, and harvest game animals for subsistence, commercial gain, or sport.
I don't consider lifestyle or economic resource to be defining factors. How much money a fellow spends to hunt his favorite way matters not a bit to me.
Personally, I hunt for sport. I consider fair chase on free-ranging animals to be the type of hunting that I most prefer. But out of respect for both tradition and my fellow hunters, I can accomodate a certain amount of "When in Rome..." as long as Roman territory doesn't extend to blatantly unsafe or illegal activity.
My version of fair chase invloves a combination scouting, tracking, still-hunting, setting up feeders (if necessary to attract or pin down game), and hunting from tree stands and ground blinds. Whatever it takes to put meat in the pot.
I try to be an ethical and moral hunter in the woods, and to show a proper respect for other folks who may be sharing those woods with me, whatever they may be doing.
Sometimes I scrounge for a place to hunt. Sometimes I shell out and buy one.
I find the whole "canned hunt" phenomenon to be curious and sad, and I personally wonder how anyone who considers themselves to be a hunter can possibly find pleasure or satisfaction without fair chase. There is an aspect of honor involved in permitting your game to have a fair opportunity to defend itself and escape.
I consider "high-fence" and "canned hunt" to be nearly synonymous, with a realistic qualifier being how much acreage is fenced. For example, if the King Ranch was high fenced, it'd be hard to argue that there's no fair chase because of the fence.
If a fellow scouts, locates, and harvests his own game in open woods or on open range, he's probably hunting.
If a fellow has a penned animal led out on a leash, parked on a big "X" to take a few pictures, then he shoots it and walks away to have few drinks and get slaps on the back while someone else does the dirty work, I have a hard time calling that hunting. But that might just be me.