I once saw a website that has prices listed in mBTC. I am having trouble calculating what it converts to.

Lets say  a product costs 60,000 mBTC does this equal 60 BTC?

so id assume that 1,000 mBTC is 1 BTC, 

and 1 mBTC is 0.001 BTC?

I ask cause im not the greatest at math and get confused with the decimal