Turn down describes the ratio between the Minimum and maximum flow conditions in a system:
If Max flow is 100 GPM and Min FLow is 10 GPM
Turndown is 10:1 (100/10)
Some times turndown is incorrectly applied to valves, which is actually rangeability.
Rangeability is the range overwhich the valve can control - Ratio between the maximum and minimum flow coefficients. So if a valve provides good control between 2% and 98% of the flow capacity the rangeability is 49:1 (98/2).
Naturally this is a simple explaination and there can be other factors that may affect the outcomes, such as pressures.
But in general, these definitions should get you started.