Will either you've misunderstood it - or your teacher is an idiot
The 8086 is just a useless piece of plastic with 40 pins, until you add a great load more support components round it - rjenkinsgb's first link is way too scary, but the third one is something like you need - although a number of chips can be removed from it.
The circuit below is for a modern 6502 SBC (Small Board Computer), and is pretty well the minimum you can get away with, as I said before an 8086 is a much cruder device, and requires considerable more chips to make a minimum working system. A Z80 based SBC is fairly similar to a 6502 version.
You mentioned Arduino's earlier, an Arduino uses a microcontroller (usually from Atmel) and like a PIC has all the memory and I/O inside a single chip - with microprocessors all the memory and I/O is external, requiring extra chips.
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