Quick jump from component in Schematic to Layout in Eagle
You are looking for the "Show" command.  Its icon looks like an "eye".

Click on the Show button (the "eye"), then click on a part in the schematic. It should become highlighted.

Now look at the layout. The part should be highlighted as well.

This should also work in the other direction: from layout to schematic. You can use it with nets, too.

As Tom Carpenter said, you can also invoke this from the EAGLE command line, e.g. "show IC7".  This will highlight the part in both the schematic and the layout.