Gather all ingredients.

Heat a large, heavy-bottomed pot over medium-high heat. Add beef and onion, and cook, stirring occasionally, until beef is crumbled, browned, and no longer pink, about 7 minutes. Spoon off and discard any fat.

Stir in tomato paste, ketchup, garlic powder, chili powder, salt, paprika, and pepper; cook, stirring constantly, until fragrant, about 2 minutes.

Add beef broth, and bring to a boil over high heat. Stir in macaroni; reduce heat to medium, and gently boil, uncovered, stirring occasionally, until pasta is tender and most of the liquid is absorbed, 13 to 15 minutes.

Remove from heat, and stir in Cheddar, ensuring cheese is fully melted and incorporated, 30 to 45 seconds. Let stand until thickened before serving, about 2 minutes.