Followers of the older tradition of Buddhism, that is, those who followed the path of the old, respected teachers, described themselves as:

Theravadins

The correct answer is Option (3) → Theravadins

The followers of the older path of Buddhism referred to themselves as "theravadins," indicating their commitment to the teachings of venerable teachers, or "theras."

The term "Theravada" translates to the "Teaching of the Elders" or "Doctrine of the Ancients." The followers of this tradition, known as Theravadins, consider themselves as adherents to the original teachings of the Buddha.

Bodhisattas were perceived as deeply compassionate beings who accumulated merit through their efforts but used this not to attain nibbana and thereby abandon the world, but to help others. The worship of images of the Buddha and Bodhisattas became an important part of this tradition. This new way of thinking was called Mahayana – literally, the “great vehicle”. Those who adopted these beliefs described the older tradition as Hinayana or the “lesser vehicle”.