Think of a half-duplex connection as a single channel that you can turn around between packets. Then think of a full-duplex connection as two unidirectional channels that can be used simultaneously.
Physically, all modern twisted-pair or fiber Ethernet connections have two channels, one for sending, one for receiving (most prominent in 10BASE-T, 100BASE-TX and fiber). With half duplex they may not be used at the same time while with full duplex they may.