In the first number, the 7 is in the tenths place. This means the value of the 7 in the first number is \( 0.7 \).
The second number has a 7 with a value that is 1,000 times greater than the value of the 7 in the first number.
Calculating this, we get:
\[ 0.7 \times 1000 = 700 \]
This means the 7 in the second number represents the value of 700. In the number 700, the 7 is in the hundreds place.
Therefore, the correct answer is hundreds.