Figure 21-32 The figure shows three indifference curves and a budget constraint for a consumer named Hannah. When young, Hannah works and earns income. When old, she is retired and earns no income. 
-Refer to Figure 21-32. Which of the four labeled points is Hannah's optimum?
Definitions:
Talcott Parsons
An American sociologist known for his contributions to social action theory, structural functionalism, and for his work on the system theory to understand societal dynamics and functions.
Social Contract
A theory in political philosophy suggesting that people live together in society in accordance with an agreement that establishes moral and political rules of behavior.
Classical Theorist
refers to scholars from earlier periods whose works form the foundations of a discipline, such as Socrates in philosophy or Adam Smith in economics.
Hobbes
Refers to Thomas Hobbes, a 17th-century philosopher known for his social contract theory, which posits that people agree to surrender some freedoms to a ruler or government in exchange for security and social order.
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