It's a pretty common breakfast, especially in the southern U.S.  A biscuit is similar to a savory scone and the gravy is made from bulk breakfast sausage, flour and milk flavored with salt and pepper.
Here's my recipe and along with a pic:
Biscuits:
2 cups self-rising flour
1/4 cup All-Vegetable Shortening, butter or lard 
1 cup buttermilk, or you can use whole milk
Preheat  oven to 500 degrees F. In a mixing bowl, cut the shortening into the  Self-Rising Flour with a pastry blender or fork or your fingertips until  it resembles coarse crumbs.  
Blend in buttermilk with fork just until the dough comes together.  The dough will be sticky.
Turn the dough onto a lightly floured surface. Knead gently by folding the dough  8 to 10 times.  
Press into a circle that's 1 inch thick. 
Cut  out biscuits with a 2-inch cutter, being sure to push straight down  through the dough. Do not twist the cutter until the dough has been cut  all the way through (twisting the cutter will cause the biscuits not to  rise straight up.
Place the biscuits on baking sheet so that they  barely touch. Gather up the scrap dough, press it into a circle, working  it as little as possible and continue cutting until all dough has been  used.  
Bake 8 to 10 minutes or until golden brown.   
Gravy:
1 pound fresh sausage
3 tablespoons shortening, or bacon drippings
1/4 cup all-purpose flour 
3 cups milk 
1/2 teaspoon salt 
1/4 teaspoon ground black pepper
In a large heavy skillet (preferably cast iron), brown the sausage  breaking it up with a spatula over medium high heat.  Do not drain.  Add the shortening, flour, salt and pepper.  Cook stirring constantly until flour begins to brown.  Slowly add milk while continuing to stir.Bring  to a boil, reduce heat to a simmer and cook for one minute stirring  occasionally.  As the gravy cools it will thicken so if you want thinner  gravy, add a little more milk.
Some people add hot sauce, bacon drippings and other flavorings to their gravy...whatever is to your liking.