The Flat Pricing section of the Settings tab of the Store Editor is a pretty simple interface. It has two parts:
Min Qty is the minimum amount in units that a person must order of that item for the order to be accepted. Meaning, if you have you don't want to sell one-offs of flat priced apparel, you can make sure people don't do that here.
Min Price is the minimum amount in dollars that an order for that item must total to be accepted. If you don't want a standard minimum for all flat priced items but you want to make sure people do spend a certain dollar amount for each item, you can set that in this field.

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