There are two solutions:
- a simple headset splitter.a simple headset splitter. You can pick these up pretty much any store that sells cell phone and computer accessories
- USB DAC. This gives you a digital audio input/output device connected to USB.
The port on your Mac is a combo headphone and microphone. When you plug in a device, it physically trips a switch that turns off your internal microphone and speakers. This is why you can no longer see the internal microphone or speakers are input/output sources.
I personally prefer the USB DAC because it's totally separate and you can now use a combination of input and output devices. For instance you can use the Boya M1 and the internal speakers. You can use the internal Mic and external speakers. I use my DAC for sending quality audio to my Bose while system sounds remain on the internal speakers.