A highly miniaturized (condensed) speaker system provides the same desirable performance characteristics as a full size acoustic suspension speaker system by incorporating a combination of one or more low pressure chambers and optionally one or more high pressure gas chambers to emulate the higher internal air volume of the full size acoustic suspension speaker system. The low pressure chamber(s) include the majority of the back (enclosed) side of the speaker diaphragm to eliminate the rigid air spring normally associated with small, enclosed volumes of air at atmospheric pressure. The high pressure gas chamber(s) provide a force to the back (enclosed) side of the diaphragm to counter the atmospheric pressure force on the face (exposed) side of the diaphragm.