It's not that hard to switch majors, especially within the same college (ie, L&S).
At orientation, you can change majors by just asking your orientation counselor. For reference, you are grouped into groups of 10-12 or so with others of the same major. So, I was in a group of 11 other pre-business economics majors. By the end of the 3 day orientation, only myself and another individual were still pre-business economics majors.
As for "business economics being competitive", yeah, that's a myth. The only competition is yourself to meet the somewhat high altered-GPA calculation (called a primary score) of 3.3