Basically, when setting a minimum wage, you end up picking between two groups of labor: those who work for some extra money (think high schoolers and retirees who would like some extra spending money and don't mind doing menial tasks that may not generate much value to earn in) and those who work to live (think unskilled laborers who do laborious work and feel they are insufficiently compensated for it). A lower wage favors the former group because they are able to offer the services for less (and the quantity of labor demanded will increase if the price goes down) while a higher wage favors the latter because they can demand more money.