How to update Python on a Mac with Unix commands
So your Mac is still looking for an old version of Python. You need to inform it that there is in fact a new version and where it can find it. To do this, you need to update the PATH to Python.

This can be done in your .bash_profile file.

# Setting PATH for Python 3.3.2.
# The original version is saved in .profile.pysave.
PATH="/Library/Frameworks/Python.framework/Versions/3.3.2/bin:${PATH}"
export PATH


After you update the .bash_profile file Terminal should run the new version of Python, when you ask for it.