New budget PC Build 2013

I am looking at building a new PC this month. I have pretty much decided on the components that I am going to use. I just want to check that all of the components are compatible with each other and that the system will run fine.

Here are the components that I want to use:

RAM: CORSAIR 4GB 240-Pin DDR3
http://www.newegg.com/Product/Product.aspx?Item=N82E16820145322

CPU: Intel Core i3-3220 Ivy Bridge 3.3GHz
http://www.newegg.com/Product/Product.aspx?Item=N82E16819116775R

GPU: GIGABYTE Radeon HD 7850 2GB
http://www.newegg.com/Product/Product.aspx?Item=N82E16814125419

PSU:GIGABYTE POWEROCK AX Series 500W Power Supply

MOTHERBOARD:GIGABYTE GA-B75M-D3H LGA 1155
http://www.newegg.com/Product/Product.aspx?Item=N82E16813128555

HDD:Seagate Barracuda 500GB 7200 RPM 16MB cache
http://www.newegg.com/Product/Product.aspx?Item=N82E16822148767

OPTICAL DRIVE: LITE-ON 24X DVD Writer Internal
http://www.newegg.com/Product/Product.aspx?Item=N82E16827106352

Can you please explain to me if the components are all compatible and that the system will have no problems.
Thanks
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  1. About $700 but I am getting these parts from a friend who works in IT.
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