Sure depending on what your doing... it's hard to say if its good or not if you don't say what in photoshop you are doing and what version. If your doing simple photo edits basically any modern computer is good enough. if your digital drawing, there are other better software for that.
16GB of ram should be enough for the average user, only when you are editing very large files or working on 32bit files will you run into memory issues. the video card is supported in CS6 (with updates) and above. though last I checked nvidia cards ran much better for adobe.
I personally have been just using lightroom since version 4 and stop using photoshop almost completely or than merging HDR files.