The second hive has 20/100*1000 = <<20/100*1000=200>>200 fewer bees.
This translates to 1000-200 = <<1000-200=800>>800 bees.
Each bee in the first hive produces 1000/500 = <<1000/500=2>>2 liters
The second hive has bees each producing 1.4*2 = <<1.4*2=2.8>>2.8 liters
The total amount of honey produces by the bees in the second hive is 2.8*700 = <<2.8*700=1960>>1960
The total honey produced is 1960+500 = <<1960+500=2460>>2460 liters
#### 2460