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Many OCN members have a good understanding of a water cooling pump. So, furthering member lichking's analogy, I put together this simple graphical explanation so that people can understand in a most painless way.

Using one of our favourite Swiftech MCP655's graph as an example (see pic 1 below).
At a given Power Setting (P1 to P5), a graph inversely relates the Pressure and the Flow rate.
At max Pressure, Flow rate is zero.
At max Flow rate, Pressure is zero.

A peltier (a heat pump) behaves similarly (see pic 2 below)
At a given Current (I), a graph relates inversely the dt and Qc.
At max Qc, dt is zero.
At max dt, Qc is zero.

(graphs taken from: