[Python] Python psycopg2 syntax error

I am new to python and working on using the psycopg2 to insert data in postgres database. I am trying to insert items but get the error message

"Psycopg2.ProgrammingError: syntax error at or near "cup" LINE 1: INSERT INTO store VALUES(7,10.5,coffee cup)

with the ^ next to coffee cup. I am assuming the order is wrong but i thought you could enter it this way as long as you specified the values.

Here is the code.

import psycopg2

def create_table():
conn=psycopg2.connect("dbname='db1' user='postgres' password='postgress123' host='localhost' port='5432'")
cur=conn.cursor()
cur.execute("CREATE TABLE IF NOT EXISTS store (item TEXT, quantity INTEGER, price REAL)")
conn.commit()
conn.close()

def insert(quantity, price, item):
conn=psycopg2.connect("dbname='db1' user='postgres' password='postgress123' host='localhost' port='5432'")
cur=conn.cursor()
cur.execute("INSERT INTO store VALUES(%s,%s,%s)" % (quantity, price, item))
conn.commit()
conn.close()

create_table()
insert(7, 10.5, 'coffee cup')

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