First make the meatball according to the package instructions in skillet on the stove top or oven. When done transfer them to a clean dish.
To make the gravy start by add the beef broth, to the skillet that was used to heat up the meatballs, and bring to a simmer.
Next, add in the flour and whisk until no clumps remain.
Add milk and simmer for 8 minutes until thickened, adding additional milk as desired to make more "gravy" and to reach your desired consistency.
Season to taste with salt and pepper, then add the cooked meatballs back to the skillet.
Notes
Double Recipe: This is a great recipe to share with a crowd, proptionally increase ingredients and cook in batches in necessary.
Homemade Meatballs: If you would like, you can also make this recipe with homemade meatballs instead of frozen or packaged.
Smoother Gravy: Add optional butter for a smoother gravy. Adding an extra source of fat as butter will help to make the consistency of gravy even smoother and creamier.
Seasoning: Black pepper, garlic powder, onion powder, nutmeg etc.
Vegetables: Add some sautéed onions or sliced mushrooms to the dish.