The shunt is just a low ohm resistor.
The ones I posted develop 50mV at 200amps.
Doing the math 0.05V / 200 amps = 0.00025 ohms.
So a very low ohm resistor.
Say you had 100 amps flowing thru the shunt.
What would be the voltage across it?
100amps x 0.00025 ohms = 0.025 Volts or 25 millivolts.
The meter is a 50 millivolt meter. If you connect the meter across the
shunt, since the shunt has 25mV from end to end the meter will read 1/2
scale or 100 amps as the scale is marked.
The 0.00025 ohm resistor has no effect on the current flow. 15 inches
of your large gauge wire #2, is equal to the shunt resistance.
The fuses you see are important because if one of your wires going to
the meter shorts, it will burn up the small gauge wires.
Are we there yet?
The 50 mV meter simple measures the voltage drop across the shunt.
The voltage drop across the shunt varies depending on the current thru
the shunt.