Simplify the following text for a Grade 11 native English-speaking person.
Original: The most common variety has seven colors , purple , blue , azure , green , yellow , orange and red , and is emblazoned in bold with the Italian word PACE , meaning `` peace '' .
Simplified: The most common variety has seven colors , purple , blue , light blue , green , yellow , orange and red , and is emblazoned in bold with the Italian word PACE , meaning `` peace '' .