It was a bit more than that. At the time, chip technology wasn't at today's level; you couldn't put a 32-bit (or, originally, even 16-bit) system on a single chip. So micros were much less capable than minis. A mainframe was a computer that could run a company, with both the price and the performance to match. A mini wasn't that costly or that powerful, but it could run a department. A micro wasn't powerful enough to even do that, but it was much less expensive.
So, yes, it was "single chip CPU", but that correlated with a bunch of other things...